Baker McKenzie and Beijing Tian Yuan Law Firm have advised China Yangtze Power Company on its $3.59 billion purchase of Sempra Energy's Peruvian businesses, with White & Case representing the seller.
The deal includes Luz del Sur, Peru’s largest utility company. It is the largest overseas M&A transaction by a Chinese company in 2019 to date in terms of contract value, and is expected to be completed in the first quarter of 2020.
Reuters reported that Sempra planned to exit from South America and to focus on its core U.S. and Mexican markets. The company’s subsidiary, Sempra LNG, has entered into an agreement with China Three Gorges Corp over potential supply of liquefied natural gas.
The Baker McKenzie team was led by partners Lewis Popoff, Hugo Dubovoy and Jose Moran in Chicago. The Tian Yuan team was led by partner Chai Jie, while the White & Case team led by partners Thomas Lauria and Marwan Azzi.
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